VST Industries Ltd

₹ 289 -3.36%

04 Jul - close price

About

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)

Key Points

Leading Cigarette Manufacturer
The company is the 3rd largest player in the domestic cigarette market, with a significant presence in West Bengal, Andhra Pradesh, Telangana, Bihar, and UP with a 8% market share based on volume. ^[1] Its cigarette brand Total is among the top 10 brands in the industry. ^[2]

Website BSE NSE

Market Cap ₹ 4,916 Cr.
Current Price ₹ 289
High / Low ₹ 487 / 235
Stock P/E 23.2
Book Value ₹ 77.9
Dividend Yield 3.46 %
ROCE 20.8 %
ROE 16.5 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 3.46%.
Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
Company has been maintaining a healthy dividend payout of 75.8%

Cons

The company has delivered a poor sales growth of 2.43% over past five years.
Promoter holding is low: 32.2%
Earnings include an other income of Rs.135 Cr.
Working capital days have increased from 78.7 days to 122 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Cigarettes & Tobacco Products Cigarettes & Tobacco Products

Part of BSE Fast Moving Consumer Goods BSE SmallCap BSE Allcap Nifty Microcap 250 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	303	301	344	346	302	333	350	363	375	321	360	367	349
	196	188	251	251	220	228	271	290	278	248	292	299	280
Operating Profit	106	113	93	95	82	105	79	72	97	73	68	68	70
OPM %	35%	38%	27%	27%	27%	32%	23%	20%	26%	23%	19%	19%	20%
	17	11	33	16	16	12	29	9	30	9	8	108	10
Interest	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Depreciation	9	7	7	7	8	8	9	10	11	10	11	11	12
Profit before tax	115	117	119	103	90	109	99	71	115	72	65	166	67
Tax %	24%	26%	22%	24%	23%	23%	23%	24%	23%	26%	26%	18%	21%
	87	87	92	79	69	84	76	54	88	54	48	136	53
EPS in Rs	5.13	5.13	5.42	4.65	4.04	4.93	4.47	3.16	5.19	3.15	2.80	8.02	3.12
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	789	836	883	922	948	1,099	1,239	1,111	1,178	1,292	1,420	1,398
	571	594	646	675	654	746	825	700	767	910	1,067	1,119
Operating Profit	218	243	237	248	294	353	415	411	412	383	353	279
OPM %	28%	29%	27%	27%	31%	32%	33%	37%	35%	30%	25%	20%
	32	18	20	20	25	39	47	42	47	76	80	135
Interest	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Depreciation	27	32	31	37	39	41	42	35	30	30	38	44
Profit before tax	224	229	227	231	279	351	420	417	428	429	395	370
Tax %	33%	33%	32%	34%	35%	35%	28%	26%	25%	24%	24%	21%
	150	152	153	152	182	227	304	311	320	327	302	290
EPS in Rs	8.84	8.96	9.01	8.92	10.71	13.35	17.90	18.29	18.85	19.25	17.75	17.10
Dividend Payout %	72%	71%	71%	76%	66%	65%	52%	57%	68%	71%	77%	80%

Compounded Sales Growth
10 Years:	5%
5 Years:	2%
3 Years:	6%
TTM:	-2%

Compounded Profit Growth
10 Years:	4%
5 Years:	-7%
3 Years:	-13%
TTM:	-29%

Stock Price CAGR
10 Years:	7%
5 Years:	0%
3 Years:	-1%
1 Year:	-22%

Return on Equity
10 Years:	30%
5 Years:	27%
3 Years:	23%
Last Year:	16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	170
Reserves	313	331	355	524	567	649	772	925	1,059	1,164	1,237	1,153
	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
	427	479	457	259	482	541	610	545	516	474	468	493
Total Liabilities	755	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,816
	209	198	174	220	195	213	187	173	195	590	268	307
CWIP	0	-0	41	1	34	0	13	33	10	0	47	1
Investments	181	171	162	174	416	575	753	887	971	577	447	532
	365	457	450	403	419	416	444	393	415	486	958	976
Total Assets	755	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,816

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	130	118	132	146	420	290	331	286	277	181	167	193
	-18	3	-24	-18	-264	-148	-155	-144	-96	47	79	10
	-113	-126	-130	-130	-139	-144	-177	-159	-187	-224	-231	-221
Net Cash Flow	-1	-6	-22	-2	17	-2	-0	-17	-5	5	16	-18

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	4	5	5	5	11	5	5	5	10	12	12	17
Inventory Days	255	336	316	257	196	187	182	226	210	205	220	222
Days Payable	48	71	54	44	45	55	87	84	74	57	57	58
Cash Conversion Cycle	211	270	267	218	162	137	99	148	147	161	175	180
Working Capital Days	-54	-32	-18	43	-44	-58	-63	-58	-42	-4	118	122
ROCE %	69%	65%	58%	51%	50%	56%	58%	48%	42%	38%	32%	21%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%
	1.84%	1.69%	1.86%	1.64%	1.55%	1.40%	1.39%	1.37%	1.83%	1.82%	1.98%	1.87%
	16.62%	16.64%	16.62%	16.87%	17.24%	17.54%	17.52%	15.69%	12.64%	9.07%	8.96%	7.22%
	49.01%	49.14%	49.00%	48.96%	48.69%	48.53%	48.57%	50.42%	53.00%	56.77%	56.71%	58.57%
	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.19%	0.19%	0.19%
No. of Shareholders	33,289	32,988	32,588	32,002	31,258	30,431	31,073	32,868	34,355	1,05,832	1,22,857	1,50,548

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%
	9.74%	9.50%	8.87%	5.47%	2.80%	1.75%	1.64%	1.37%	1.87%
	14.36%	14.99%	17.88%	15.53%	17.54%	16.59%	16.87%	15.69%	7.22%
	43.74%	43.35%	41.09%	46.84%	47.50%	49.29%	48.96%	50.42%	58.57%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.37%	0.37%	0.19%
No. of Shareholders	13,569	13,748	14,638	16,000	24,186	33,441	32,002	32,868	1,50,548

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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VST Industries Ltd

VST Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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